Pressure could be mounting on the Federal Reserve to raise interest rates after inflation regained steam in July. After a slight reprieve in June , progress on inflation appears to have stalled in July, according to the Bureau of Labor Statistics' latest consumer price index report. It shows prices ticked up by 10 basis points in July for a headline inflation rate of 3.4% year over year. Wednesday's CPI report follows an unexpectedly poor labor market reading last week. The market response to the inflation report was muted.